Teaching staff

Semester 2
Name: Remco Marcelis

Short Bio:
Remco is a virtual Chief Financial Officer (vCFO) experienced in venture capital. Passionate about growing successful sustainable businesses, Remco is interested in startups that disrupt the status quo, digital health and bitcoin’s potential in facilitating international payments.


Remco provides his virtual CFO services under the Virtuosity umbrella. www.vcfo.com.au

Email: remco@marcelis.com.au  

Phone: 0400 474 228

LinkedIn: www.linkedin.com/in/remcomarcelis

Twitter: @MarcelisRemco

Opening intensive:
Monday 25th, Tuesday 26th and Wednesday 27th July 2015
9am to 6pm
Napier 210 Tutorial room

Closing intensive:
Monday 22nd, Tuesday 23rd and Wednesday 24th August 2015
9am to 6pm
Napier 210 Tutorial room

No textbook required

The following readings will be made available through MyUni:

BRW Magazine, 11 reasons why now is the right time to become an entrepreneur

Gross, Bill, The Start-Up Factory

Bhide, Amad The Questions Every Entrepreneur Must Answer in The Entrepreneurial Venture pg 65

Blank, Steve Why the Lean Startup Changes Everything Harvard Business Review

There is a wide range of material on the lean startup movement and venture capital. The following provides some additional reading guidance if you are interested in reading further on the topic.

A key resource for more information on the Lean Start-up methodology and business model generation is the website from the “founder” of the Lean Startup movement, Steve Blank.
http://steveblank.com

Note in particular, the recommended books listed here:
http://steveblank.com/books-for-startups/  

A couple of the key foundational texts are:

Blank, Steve. The Start-Up Owners Manual. K & S Ranch; (March 1, 2012)

Osterwalder, Alexander. Business Model Generation Wiley; (July 13, 2010)

Reis, Eric. The Lean Startup Crown Business (September 13, 2011)

Mayura, Ash, Running Lean: Iterate from Plan A to a Plan That Works O'Reilly Media; 2 edition (March 6, 2012)

Feld, Brad and Mendelson, Jason. Venture Deals: Be Smarter than your Lawyer and Venture Capitalist Wiley; 1 edition (August 2, 2011)


Library Resources
The University of Adelaide’s Barr Smith Library provides a range of learning resources including texts, journals, periodicals, magazines, and access to online databases and information services. It also offers a virtual library which is accessible via the University’s website. The University Library web page is: http://www.adelaide.edu.au/library/ 
From this link, you are able to access the Library's electronic resources.

MyUni is the University of Adelaide's online learning environment. It is used to support traditional face-to-face lectures, tutorials and workshops at the University. MyUni provides access to various features including announcements, course materials, discussion boards and assessments for each online course of study (see: https://myuni.adelaide.edu.au) 

This course is offered in blended learning mode with the face-to-face component offered as intensives.

As a guide, a 3 unit course comprises a total of 156 hours work (this includes face-to-face contact, any online components, and self directed study).

This is a draft schedule and session dates are a guide only. The timetable may be changed during the course delivery if necessary.

Intensive day	Content	Activities
	Opening Intensive -Day 1 to Day 3
Day 1	1. Introduction (LEARNING) Readings:1.1. BRW Magazine, 11 reasons why now is the right time tobecome an entrepreneur1.2. Bill Gross, The Start-Up Factory1.3. Amad Bhide, The Questions Every Entrepreneur MustAnswer	Activity 1.1.1 (T): Course expectations (TEAM) Activity 1.1.2: Your motivations, Your Idea (INDIVIDUAL)
	2. Lean Startup (LEARNING) Readings:2.1.1. Steve Blank, Why the Lean Startup changeseverything	Activity 1.2.1: Lean Startup Foundations (INDIVIDUAL)
	3. Business Model Canvas (LEARNING) Readings:None – class slides	Activity 1.3.1: Business Model Canvas Foundations(INDIVIDUAL)
	4. Business Model Canvas (ACTIVITY) Readings:None – class slides	Activity 1.4.1: Business Model Canvas Activity (TEAM)
Day 2	1. Revenue Model (LEARNING) Readings:None – class slides	Activity 2.1.1: Revenue Model Foundations(INDIVIDUAL)
	2. Revenue Model (ACTIVITY) Readings:None – class slides	Activity 2.2.1: Revenue Model Activity (TEAM)
	3. Resources & Costs (LEARNING) Readings:None – class slides	Activity 2.3.1: Resources & Costs Foundations(INDIVIDUAL)
	4. Metrics (LEARNING) Readings:None – class slides	Activity 2.4.1: Metric Foundations (INDIVIDUAL)
Day 3	1. Financial Statement foundations (LEARNING) Readings:None – class slides	Activity 3.1.1: Financial Statement foundations(INDIVIDUAL)Activity 3.1.2: Financial Statement actvity (TEAM)
	2. Revenue Forecasting (LEARNING) Readings:None – class slides	Activity 3.2.1: Revenue forecating foundations(INDIVIDUAL)Activity 3.2.2: revenue forecasting examples (TEAM)
	3. Expense Forecasting (LEARNING) Readings:None – class slides	Activity 3.3.1: Expense Forecasting foundations(INDIVIDUAL)Activity 3.3.2: Break even actvity (INDIVIDUAL)
	4. Introduction to the Financial Model (LEARNING) Readings:None – class slides	None – Questions will be taken regarding the financialmodel
	Closing intensive - Day 4 to Day 6
Day 4	1. Sources of Funding Overview 2. Loan Funding 3. Accelerators 4. Crowdfunding
Day 5	1. Angel Investing 2. Venture Capital 101 3. VC in Australia 4. Pitch Practice
Day 6	1. Growing and Managing Your Business 2. Exiting Your Business

Session Types: (L) = Learning / tutorial session (A) = Activity sessionActivity Types: (I) = Individual, (T) = Team

For each of the activities list below, please refer to the accompanying ActivityWorksheets.

DAY 1

1.1 Day 1, Session 1: Introductions to each other and the course (LEARNING)
Learning objectives
You will be allocated into a team for group work, and introduced to the lecturer and eachother students. We will look at your expectations for the course and provide an overviewof the whole course. We will explore motivations for starting a New Venture and gain anunderstanding of any particular entrepreneurial idea people are (aiming to be) workingon.

Activity 1.1.1: Course expectations (TEAM)
Discuss your hopes for course, what you want to get out of it. Write a list of points, andthen compare it with other teams members hopes and expectations. The lecturer willthen comment on these objectives and lead into discussion on course outline.

Activity 1.1.2: Your motivations, Your Idea (INDIVIDUAL)
Reflect on your own motivations for starting a new venture, refine and be ready topresent any ideas you are working on.

1.2 Day 1, Session 2: Introduction to the Lean Startup method (LEARNING)
Learning objectives
We will provide an overview of the lean startup methodology as a backdrop tounderstanding the process that New Ventures go through that need to be supportedfinancially.

Activity 1.2.1: Lean Startup Foundations (INDIVIDUAL)
Review your understanding of the underlying principles of the lean startup methodology.

1.3 Day 1, Session 3: Introduction to the Business Model Canvas (LEARNING)
Learning objectives
We will provide an overview of the business model canvas. The business model canvasis an easy to use inter-connected graphical representation of the key building blocks thatneed to be in place for a New Venture. We will walk through the process of completing acanvas thereby providing insight into the thought processes that go into designing abusiness’ operating model.

Activity 1.3.1: Business Model Canvas Foundations (INDIVIDUAL)
Review your understanding of the underlying principles of the lean canvas.1.4 Day 1, Session 4: Business Model Canvas Activity (ACTIVITY)

Learning objectives
This session aims to have you walk through exactly the kind of planning session(s) thata New Venture needs to go though when figuring out the different aspects of itsoperating and go-to-market model. The class will split into teams to get hands-on with anominated example busineses to come up with a preliminary business model canvas.

Activity 1.4.1: Business Model Canvas Activity (TEAM)
Each team will produce a business model canvas for its assigned business and be prepared to present it to the class. (Refer Activity Worksheet for a background on eachbusiness).


DAY 2

2.1 Day 2, Session 1: Revenue Model (LEARNING)
Learning objectives
At the core of every business is its ability to generate revenue. We will provide anoverview of a graphical method of describing a business’ revenue model. We will walkthrough this to provide insight into the thought processes that go into designing abusiness’ revenue model.

Activity 2.1.1: Revenue Model Foundations (INDIVIDUAL)
Review your understanding of the key elements of revenue models.

2.2 Day 2, Session 2: Revenue Model Activity (ACTIVITY)
Learning objectives
In this session the class will split back into teams to get hands-on with a nominatedexample busineses to come up with a preliminary revenue model.

Activity 2.2.1: Business Model Canvas Activity (TEAM)
Each team will produce a graphical description for its assigned business and beprepared to present it to the class. (Refer Activity Worksheet for a background on eachbusiness).

2.3 Day 2, Session 3: Resources & Costs (LEARNING)
Learning objectives
Fundamental to running a sustainable business is an understanding of the underlyingcosts. This session will review the key resources needed for a New Venture, and thecosts that can be expected.

Activity 2.3.1: Resources & Costs Foundations (INDIVIDUAL)
Review your understanding of the underlying resource and cost elements within abusiness.

2.3 Day 2, Session 4: Metrics (LEARNING)
Learning objectives
What gets measured, gets done as the saying goes. This sesion will look at the keymetrics that new venture should use to monitor their business and drive activity tosupport early growth.

Activity 2.4.1: Metric Foundations (INDIVIDUAL)
Review your understanding of the key types of metrics within a business.


DAY 3

3.1 Day 3, Session 1: Financial Statement foundations (LEARNING)
Learning objectives
A business owner needs to be able to understand and explain the key financial aspectsof a business. This session will introduce you to the accounting equation, and the keyfinancial statements – the Profit & Loss statement, and the Balance Sheet used topresent the performance of a business and its position.

Activity 3.1.1: Financial Statement foundations (INDIVIDUAL)
Review your understanding of the underlying key aspects of the function that financialstatements provide within a new venture.

Activity 3.1.2: Financial Statement activity (TEAM)
Using 2 public company examples, reproduce the accounting equation, and calculate theEBIT.

3.2 Day 3, Session 2: Revenue Forecasting (LEARNING)
Learning objectives
Beyond business operting model, and the overall revenue model, in this session, we willdrill down further into the specific elements required to build a believable revenueforecast.

Activity 3.2.1: Revenue Forecasting foundations (INDIVIDUAL)
Review your understanding of the underlying key aspects that lead to creating abelievable revenue forecast.

Activity 3.2.2: Revenue Forecasting examples (TEAM)
Working together, undertake a number of example calculations to address variousaspects of revenue forecasting.

3.3 Day 3, Session 3: Expense Forecasting (LEARNING)
Learning objectives
This session introduces the different types of expenses, and how those activities canvary depending on the business type and the level of business activity.

Activity 3.3.1: Expense Forecasting foundations (INDIVIDUAL)
Review your understanding of the underlying key aspects of producing an expenseforecast.

Activity 3.3.2: Break even activity (TEAM)
Working together, undertake a number of example calculations to understandbreakeven.

3.4 Day 3, Session 4: The Financial Model (LEARNING)
Learning objectives
This session introduces all aspects of the financial model to be used for yourAssignment One.

Activity 3.4.1: The Financial Model questions (INDIVIDUAL)
Review your understanding of the underlying key aspects of producing an expenseforecast.


DAY 4

4.1 Day 4, Session 1: Stages of Growth and Sources of Finance (LEARNING)

4.2 Day 4, Session 2: Bank Finance, Grants (Guest Lecturers: ANZ, CommercialisationAustralia)

4.3 Day 4, Session 3: Crowdfunding (Guest Lecture:)

4.4 Day 4, Session 4: Introduction to Angel Investing and Venture Capital (LEARNING)


DAY 5
5.1 Day 5, Session 1: Term Sheet Basics (LEARNING)

5.1 Day 5, Session 2: Valuation and Negotiation (LEARNING)

5.1 Day 5, Session 3: The Art of the Pitch (LEARNING)

5.1 Day 5, Session 4: Develop and Present your Pitch (ACTIVITY)


DAY 6

6.1 Day 6, Session 1: Practical aspects of starting a new venture (LEARNING)

6.1 Day 6, Session 2: Financial Management practices (LEARNING)

6.1 Day 6, Session 3: Planning to exit your business (LEARNING)

6.1 Day 6, Session 1: Practical aspects of starting a new venture (LEARNING)

An overview of the course assessment appears in the following Table. Details appear in the following section:

#	Assessment	Length	Weighting	Due Date	Learning Outcomes
1	Business Model development (INDIVIDUAL)	1500 words	20%	see MyUni	2 - 3
2	Development of a Financial Model (GROUP)	N/A	30%	see MyUni	5
3	Exam	take home exam	30%	see MyUni	1 - 8
4	Individual Participation and Group Contribution	Course duration	20%	ongoing	1 - 8
	Total		100%

Students should attend all classes in order to pass the course. There is considerable experiential learning in workshops during the intensive classes that build your knowledge and thus enable you to be successful in this course.

Course results are subject to moderation by the ECIC Board of Examiners

Assessment 1: Business Model development (INDIVIDUAL)
Weighting: 20%
Submission Details: Online through MyUni

Task:

All text based assignments must be submitted via MyUni.
Please refer to step by step instructions: http://www.adelaide.edu.au/myuni/tutorials/files/AssignmentStudentSubmission.pdf

There are a few points to note about the submission of assignments:

• Assignment Submission:  Assignments should not be emailed to the instructor; they must be lodged via the MyUni Course site (unless specified to do both). Note that assignments may be processed via TURNITIN, which is an online plagiarism prevention tool.
• Cover Sheet:  Please submit, separate to your assignment, the completed University of Adelaide Assessment Cover Sheet providing details of yourself and your team members (if applicable), your assignment, the course, date submitted, etc. as well as the declaration signed by you that this is your (your team’s) work.  Note that the declaration on any electronically submitted assignment will be deemed to have the same authority as a signed declaration.
• Backup Copy of Assignments:  You are advised to keep a copy of your assignments in case the submitted copy goes missing.  Please ensure that all assignment pages are numbered. If your assignment contains confidential information, you should discuss any concerns with the Course Lecturer prior to submission.
• Extensions of Time:  Any request for an extension of time for the submission of an assignment should be made well before the due date of the assignment to the Course Lecturer.  Normally, extensions will only be granted for a maximum of two weeks from the original assignment submission date.  Extensions will only be granted in cases of genuine extenuating circumstances and proof, such as a doctor’s certificate, may be required.
• Failure to submit: Failure to submit an assignment on time or by the agreed extension deadline may result in penalties and may incur a fail grade.  Note that a late penalty of 5% of the total available marks for that assessment item will be incurred each day an assignment is handed in late (Unless otherwise stated in 'Assessment Related Requirements' or 'Assessment Detail' above).  Assignments handed in after 14 days from the due submission date will fail even if a 100% mark is granted for the work.

Resubmission & Remarking
Resubmission of an assignment for remarking after reworking it to obtain a better mark will not normally be accepted.  Approval for resubmission will only be granted on medical or compassionate grounds.